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The Federal Open Market Committee met and the result was more doublespeak from Chairman Ben Bernanke. Prior to the meeting it was being rumored that the Fed would start to curtail its $85 billion monthly bond buying program down to $50 billion or so. But the economic numbers are so mixed that the announcement was more to the effect that they will continue and if necessary increase.

The Bank of Japan recently announced that it will put more of its $1.2 trillion of reserves into exchange traded funds to reflate their economy. This simply means stock equities. At the recent G20 meeting that prompted a reporter to inquire of the other central banks present. The answer, it seems, is that about half of the world’s biggest central banks have started putting a significant amount of their reserves into equities and the other half are planning to do so in the future.

Simply put, they will create more paper (fiat currency) to buy more paper. The war on precious metals continues. A good deal of evidence has now come out regarding the precipitous metals drop a few weeks ago. It seems that on Sunday night, April 14, just after midnight Eastern Time huge amounts of paper gold contracts were dumped onto futures exchanges at lightning speed by computers in what appears to be a serious attack on the gold market. I have seen an analysis of the pattern and while difficult for an amateur to follow, it is pretty obvious. The result of this was a significant transfer of wealth from those forced to sell to some of the major bullion trading banks, an amount in the billions of dollars.